Lenovo's record-breaking earnings sets the pace for 2022 laptop market
Laptop giant enjoys increased demand for premium PC models from hybrid workers


Lenovo has reported blowout third quarter earnings, with a 62% year-on-year increase and an all-time net income high of $640 million.
The company said that "hybrid work arrangements" had boosted demand for its PCs over the quarter ending 31 December 2021.
Sales of its commercial PCs, excluding Chromebooks, increased at the third-highest rate of growth since 1998, the company said, with revenue from Lenovo's Premium PC segments, covering its workstation and gaming revenue, growing 40% and 27% year-on-year, respectively.
Lenovo's quarterly revenues have been on the rise throughout the pandemic, with the period ending 31 December being its 6th straight quarter of revenue growth of 50% or more. For the last two years, the company has sat top of shipment lists released by both IDC and Gartner as the biggest beneficiary of the laptop market's resurgence.
HP and Dell, Lenovo's closest rivals, will both report results for the quarter ending 31 December later this month. In Q2 of 2021, which ended in September for HP, the company saw shipments decline by 9%, year-on-year, though its desktop revenues increased by 11%. According to Gartner data, HP accounted for 21% of the market, compared to Lenovo's 25% in 2021, while Dell held just 16%.
Dell did report that its PC shipments were up 26.6%, year-on-year, for the quarter ending 31 September, which might see it leapfrog HP in the rankings. However, there is evidence to suggest that Lenovo is edging ever further away from both HP and Dell with its consistent growth for premium PCs.
In the quarter ending 31 September, revenues for Lenovo's Yoga and workstation units both doubled compared to figures from the previous year. What's more, its commercial PC revenue grew 29% annually and small and medium-sized business PCs jumped 48% year-on-year.
Get the ITPro daily newsletter
Sign up today and you will receive a free copy of our Future Focus 2025 report - the leading guidance on AI, cybersecurity and other IT challenges as per 700+ senior executives
Bobby Hellard is ITPro's Reviews Editor and has worked on CloudPro and ChannelPro since 2018. In his time at ITPro, Bobby has covered stories for all the major technology companies, such as Apple, Microsoft, Amazon and Facebook, and regularly attends industry-leading events such as AWS Re:Invent and Google Cloud Next.
Bobby mainly covers hardware reviews, but you will also recognize him as the face of many of our video reviews of laptops and smartphones.
-
RSAC Conference 2025: The front line of cyber innovation
ITPro Podcast Ransomware, quantum computing, and an unsurprising focus on AI were highlights of this year's event
-
Anthropic CEO Dario Amodei thinks we're burying our heads in the sand on AI job losses
News With AI set to hit entry-level jobs especially, some industry execs say clear warning signs are being ignored
-
Lenovo laments tariffs and sluggish PC sales as profits nosedive 64%
News Slow PC sales and tariffs combine to push Lenovo's profit down by two-thirds
-
Dell grows AI laptop line with Dell Pro Max Plus at Dell Technologies World 2025
The new Pro Max Plus laptop swaps Nvidia chips for Qualcomm to ‘supercharge inferencing at the edge’
-
Dell Technologies World 2025 live – all latest news and updates live from the Venetian Conference Center, Las Vegas
Keep up to date with the news and announcements from Day Two of Dell Technologies' annual conference as they happen
-
Four things I expect to see at Dell Technologies World 2025
These are my Dell Technologies World predictions ahead of the conference kick off next week
-
Lenovo’s solar-powered laptop could be a game changer for battery longevity – but we'll be waiting a while for a fully-fledged product
News Lenovo unveiled an experimental solar-powered laptop at MWC 2025 amid updates to the Yoga and Ideapad lineups
-
Dell kills off XPS and other brands for PC simplicity
News Pro and Pro Max will be used in place of Latitude, Inspiron, and Precision naming convention
-
Work and innovate everywhere
whitepaper Protection across AI attack vectors
-
HP Envy x360 2-in-1 (14-FC0009NA) review: A cut-price AI PC for the enterprise
Reviews The Intel-powered HP Envy x360 is a decent punt for its price point despite a few bugbears